Nandan Prospera?? Should I go for it?

I've seen a couple of projects in Baner and Aundh / Aundh Annexe and Nandad seems to be the one to fit my needs. Though it is much out of my budget, after seeing the project, i think i can stretch it....... but i'm still hesitant about the price.... and that's where i really need your help

1) im buying the place to live but do u think that buyin a property in this area at 5600 rs psf will appreciate any further in future?

2) is the location worth it?

i saw pride platinum and was impressed too but the diff between the two is just 9 lacs and the possession of pride is uncertain....as the new buildings havent started as yet...

also saw kolte patils 24k and loved the 4 bhk but its too expensive......1.3 cr.... no way ....

i need any feedback on Nandan Prospera... if anyone has booked the flat there already.....or 'any' comments whatsoever will be helpful .....

also if u know of any good 3 / 4 bhks in the range of upto 90 lacs to 1 cr.... in baner or aundh ... im basically lookin for privacy and good ventilation ...

Even though I am not expert in this area I think Rajesh might be right abt construction cost. Lodha casa bela project launched in dombivli at 1999/- psf 2 yrs back. It is premium project with towers of 18 floors and almost all amenities(at least promised). Location is pathetic but if he can sell at 1999/- psf then construction cost must not be that high.

As we are getting good monsoon this years, so just see the fun during this festive season & later on...Now next year you have go further 2 kms out from Pune to buy flat in your budget...Dont believe me, Mark my words & speak with me on 9th aug,2011:D:D

I agree completely. I have said it earlier, Pune is going to grow till a point where Paud Gaon will be next Chandani Chauk and Wagholi will be the most populated area there is and so will be Chakan.Unfortunately, Govt and PMC are not prepared for it.

And for Common Man like you and me. This is just a game of weathly men and women, and we are just getting played.

My advice, Wait is over. Buy now whatever you can, however you can. Buy the property which does not let you stretch beyond your limits, if that means buying it in Balewadi, Ravet, Undri, Wagholi, Ambegaon, Chakan or any other place that you feel comfortable living for more than few years, go for it. Buy small place, if not 3BHK, then go for 2.5BHK. Don't day dream, be practical and end your confusions / stress and live and enjoy life that you will have going forward.

And, the boom in IT hasn't helped common man like you and me. Builders know it. The problem with this boom is that number of people are 'getting added' who can afford 2BHK in wakad, instead of existing people getting enough hikes 'to afford' Baner. Again IT is all about 'headcount' and NOT 'talent count' or 'experience count'

Again, its a game of weathly people, you might lose even you follow my advice, but the losses will be much lesser than you would face when you go for by streching yourself.

Well, why is everybody under pressure to buy, to live - you can rent and even accomodate into a decent hotel at such astronomical rates - anyways I am in search on the PIN that will end this price bubble ---

The rent to sale ratio is going up day by day, and rentals going down, meaning we have a glut in the market ! Take a sakal classified or magic bricks -- and you will realize the number of apartments in city available for SALE/BUY.

Rajesh, The numbers that we have quoted for Pune in current circumstances are correct, unless you change th model of working. If you recall I had mentioned about multiple level of subcontracting. Builder pays 1200 rs to subcontractor who does with material........if it is just a labor contractor and builder provides material then the rate is less etc......so everyone in the chanin maks more money which inflates the price.It is a different thing that from that 2200-2500 builders make the rates 5000 and all that which aloows them to earn huge profit margins.

But there is no stopping to this. Last week I went to Lavasa, I have a friend who works in sales. He showd me the booking list and I was shocked with the way people are booking there....I do not know from where people are able to spend so much. But that is reality.

Hmm Construction cost of ~800 /sq feet makes sense too, since many projects in 2004 were launced with sale price of 800/sq price and these projects included all the modern amenities, apart from good bathroom fittings/Vitrified 2x2 tiles these projects had granite in the stair case, 2 automatic Schindler lifts and all for 7 story building.

Rajesh, The numbers that we have quoted for Pune in current circumstances are correct, unless you change th model of working. If you recall I had mentioned about multiple level of subcontracting. Builder pays 1200 rs to subcontractor who does with material........if it is just a labor contractor and builder provides material then the rate is less etc......so everyone in the chanin maks more money which inflates the price.It is a different thing that from that 2200-2500 builders make the rates 5000 and all that which aloows them to earn huge profit margins.

But there is no stopping to this. Last week I went to Lavasa, I have a friend who works in sales. He showd me the booking list and I was shocked with the way people are booking there....I do not know from where people are able to spend so much. But that is reality.

Cheers,Birendra.

You should have checked the owner details, you will be surprised to find that most belong to business (with loads of B-money) & politicos who have registered the property in their kith & kin. They are buying here not to stay but to park their ill-gotten wealth & with Pawar at the top here, putting B-money is no fuss. Simply check out how many people have applied for bank loans & buying here with EMIs :bab (34):.

Rajesh, The numbers that we have quoted for Pune in current circumstances are correct, unless you change th model of working. If you recall I had mentioned about multiple level of subcontracting. Builder pays 1200 rs to subcontractor who does with material........if it is just a labor contractor and builder provides material then the rate is less etc......so everyone in the chanin maks more money which inflates the price.It is a different thing that from that 2200-2500 builders make the rates 5000 and all that which aloows them to earn huge profit margins.

If the cost is high because of multiple level of subcontracting, then its due for correction. As long as raw material cost has not shot up drastically, this middle men in between will correct for sure in future when demand supply changes.

Any ways, why were are concerned calculating this cost is, to arrive at fair price of the flat, and in case of builder, I don't think they go through multiple layers of sub contracting. Also the kind of quality we assume in 800/sq feet cost is not what Pune builders give, its inferior quality they give.

More over this cost is on carpet or builtup, NOTon saleable area.How much area of the loading/common amenity space, do builders construct? not all, so effective cost to builder is even less than 800/sq feet

You should have checked the owner details, you will be surprised to find that most belong to business (with loads of B-money) & politicos who have registered the property in their kith & kin. They are buying here not to stay but to park their ill-gotten wealth & with Pawar at the top here, putting B-money is no fuss. Simply check out how many people have applied for bank loans & buying here with EMIs :bab (34):.

Hey Real this was not expected at least from you...It seems that you are running out of all your weapons to defend price reduction,so now you are giving reason of Black & white money...Does it matter to builder or say to us whether somebody is buying with Black of white money...untill we have demand in RE market (be it due to Black or white money) I dont see rate coming down...

In India more then 50% black money invested in RE & & this is not new phenomenon,this was there from ages & in fact now Sarkari babus & politician making big black money (you have seen in CWG, more than 90% of total money has been eaten by these VULTURES), so where they will keep this money???

Now tell me honestly, after knowing all this black money game in RE, do you still think RE rate will come down very soon...As you urself said that most of the flat has not on loan, so I dont see the subprime like crisis in India either, so what will trigger this "So called" Price reduction in RE...Do we ever see a rate of like 2000/sq ft in aundh?? if not then price reduction by 200 rs/sq ft in ravet or wagholi doesn't matter for me:bab (45)::bab (45):

Hey Real this was not expected at least from you...It seems that you are running out of all your weapons to defend price reduction,so now you are giving reason of Black & white money...Does it matter to builder or say to us whether somebody is buying with Black of white money...untill we have demand in RE market (be it due to Black or white money) I dont see rate coming down...

In India more then 50% black money invested in RE & & this is not new phenomenon,this was there from ages & in fact now Sarkari babus & politician making big black money (you have seen in CWG, more than 90% of total money has been eaten by these VULTURES), so where they will keep this money???

Now tell me honestly, after knowing all this black money game in RE, do you still think RE rate will come down very soon...As you urself said that most of the flat has not on loan, so I dont see the subprime like crisis in India either, so what will trigger this "So called" Price reduction in RE...Do we ever see a rate of like 2000/sq ft in aundh?? if not then price reduction by 200 rs/sq ft in ravet or wagholi doesn't matter for me:bab (45)::bab (45):

Ash,

I dont think drastic rate reduction like 2000 in Aundh is possible, as I have said earlier - the rates will be + or - 20% from here on for the next 3-4 years, and will STAY in the same range. For me, with the advice of the old people - who are really wise I have met, the Real Estate prices always move in cycles and catch up with the average incomes people earn in those periods,

So, if the average IT/other salary (READ: SALARIED CLASS OR MIDDLE CLASS)was 3 lacs in 2004 - apts were priced 5-7 times of that...today its about 6 lacs - apts are priced 5-7 times of that...

And this is true for any city/town in India.

I DONT believe the average salary in Pune is going to be 12 lacs in 2014, for that to happen we need a 20% YoY increments on an average FOR ALL 4 YEARS - thats completely out of question...

So, I am NOT waiting for any correction, infact I am waiting for the cycle to reverse(read : SENTIMENT), and then let time pass till 2013-2014...since if you purchase today, at 10% inflation + 10% interest rates -- you property needs to appreciate by 20% YOY just ot break even after EACH YEAR-- this hasnt happened since 2007, not it will happen till 2013-2015,...SO WHY INVEST NOW !

I will be much better off -- renting untill 2013,2014-2015, and then look for a chance within those years when the SENTIMENT reverses -- its important to HOLD cash in those periods - to MAKE a KILLING !

Also, for SENTIMENT -- reversal - Look in history for what has happened to Japan,UK,EU,USA and China recently - India is no different !

Look at US chart below- the BOOM and BUST in 100 years - can anyone figure out which year in history - applies to India most - I firmly believe- HISTORY REPEATS ITSELF (THE PROJECTION HAS BECOME TRUE :) )!

Ash,if the average IT/other salary (READ: SALARIED CLASS OR MIDDLE CLASS)was 3 lacs in 2004 - apts were priced 5-7 times of that...today its about 6 lacs - apts are priced 5-7 times of that...

For SENTIMENT -- reversal - Look in history for what has happened to Japan,UK,EU,USA and China recently - India is no different !

Real, your assessment of 5-7 times in 2004 seems correct for Pune city area and Mumbai suburb (I bought then).In fact one could buy decent 2BHK at 2 times avg salary (3L) in Pune outskirts like Hadapsar.

Also, for SENTIMENT -- reversal - Look in history for what has happened to Japan,UK,EU,USA and China recently - India is no different !

PCPune,

I respect you, as you have very good knowledge of finance, Stocks & seems about RE as well...But I must tell man INDIA is very different to US,UK,EU & China & mark my word India womt ever see subprime like situation ever, forget about in 2013-14...

Hare are my Reasons (you may not agree with some of these though):

Truck loads of Black money in India & its increasing.Emotional attachment to Home in India.Indian Banks are more conservative for loan than US,UK & other countries banks.India has lots of NRI population outside India & almost 50% of those work only to buy property in India:) Indian job scene is much better than other countries (Like No hire & Fire policy)...some s/w companies do some lay offs, but I still feel that S/W ppls contribute less than 20% market share in India's RE market!!!Can you post same graph for India, like 100 years RE prices graph & lets try to get some sense out of that:D:D:Can you post same graph for India, like 100 years RE prices graph & lets try to get some sense out of that:D:D:Can you post same graph for India, like 100 years RE prices graph & lets try to get some sense out of that:D:D:Can you post same graph for India, like 100 years RE prices graph & lets try to get some sense out of that:D:D:Can you post same graph for India, like 100 years RE prices graph & lets try to get some sense out of that:D:D:Can you post same graph for India, like 100 years RE prices graph & lets try to get some sense out of that:D:D:Can you post same graph for India, like 100 years RE prices graph & lets try to get some sense out of that:D:D:Can you post same graph for India, like 100 years RE prices graph & lets try to get some sense out of that:D:D:Can you post same graph for India, like 100 years RE prices graph & lets try to get some sense out of that:D:D:

hi guys, thanks again for your time.... would like to share what i could gather....

1) PMC water connection is available.2) the area marked on wikimapia as dehoused development project did exist. however, the builder claims that he has bought the land and shifted the rehab project elsewhere to another plot in the vicinity but not so close to the project. also, the builder is ready to give these details in writing along with the paper work. 3) regarding infra, i guess just like everything else is expanding, it wouldnt take time for shops and other basic amenities to mushroom in the area. D - mart is already up n running.

Chinmay, i really didnt get ur point abt rates of 2700 psf or 2000 psf.... where do they exist??

I wanted to confirm on point 2. The dehoused project adjacent to the plot has been bought by the builder and he plans to start booking on that project after Diwali. I haven't seen any official document on this but he is ready to give this in writing.

Disclaimer: I have purchased a flat in NP last year Rs.4000 psf. Love the place as it checks all the right boxes for me and my family.

There are two situations:1. Builder is ready to give in writing2. Builder has already given in writing

These two situations are as different as heaven and hell. I suggest you call the builder's bluff and actually take in writing. Then you will come to know his "readiness".

Apart from that, I think Megacity in Paud Phata was a very bad example of slum rehab. Let us hope future projects are better.

You have already bought in NP, enjoy the flat with your family, it is a lovely project by itself. I really like the 8th floor layout, if someone is rich enuf to buy both 3 BHKs on the 8th floor, he can have the entire floor + podium garden for the family.

Hey Real this was not expected at least from you...It seems that you are running out of all your weapons to defend price reduction,so now you are giving reason of Black & white money...Does it matter to builder or say to us whether somebody is buying with Black of white money...untill we have demand in RE market (be it due to Black or white money) I dont see rate coming down...

I said this only for Lavasa...rest of the projects bought by investors from 2007 onwards have burnt their hands completely. Don't mix Lavasa with rest as no one is buying in Lavasa (in majority cases) to sell it later. It is either 2nd home or parking b-money. Infact I also know businessmen who in place of paying Pawar & Co. kickbacks for their work are being asked to buy something at Lavasa. This way Pawar can come clean with no corruption tag & bizman also says that it is good that I too am getting something than nothing...it is like lobby + get something at Lavasa free:D. Even Sharda Centre, Karve road was sold on similar lines:bab (34):.

In India more then 50% black money invested in RE & & this is not new phenomenon,this was there from ages & in fact now Sarkari babus & politician making big black money (you have seen in CWG, more than 90% of total money has been eaten by these VULTURES), so where they will keep this money???

Even if B-money is there, it is rotated from one project to another. It is not like you have B-money & therefore forget about it. I know financiers who too are worried of now. Man, white or black, money is money.

Now tell me honestly, after knowing all this black money game in RE, do you still think RE rate will come down very soon...As you urself said that most of the flat has not on loan, so I dont see the subprime like crisis in India either, so what will trigger this "So called" Price reduction in RE...Do we ever see a rate of like 2000/sq ft in aundh?? if not then price reduction by 200 rs/sq ft in ravet or wagholi doesn't matter for me

Yes, the rates will definitely come down as they did & are doing elsewhere. Even if the investment is in black, at the end of the day, the investor wants returns on it. Man, do you think that people having B-money are doing charity?? The recent data of 50% drop in sales in Pune & builders being back at the table of nego is an indication to this. I see & watch RE closely, & it is not just from outside but through the people inside & hence with full confidence I can say that the RE growth momentum has already been lost.

* 2000 rates at Aundh...no-one said that man, are you kiddin'?? These were rates around 2005-FY 06. Don't over hype the issue.

Also, for SENTIMENT -- reversal - Look in history for what has happened to Japan,UK,EU,USA and China recently - India is no different !

PCPune,

I respect you, as you have very good knowledge of finance, Stocks & seems about RE as well...But I must tell man INDIA is very different to US,UK,EU & China & mark my word India womt ever see subprime like situation ever, forget about in 2013-14...

Hare are my Reasons (you may not agree with some of these though):

Truck loads of Black money in India & its increasing.Emotional attachment to Home in India.Indian Banks are more conservative for loan than US,UK & other countries banks.India has lots of NRI population outside India & almost 50% of those work only to buy property in India:)Indian job scene is much better than other countries (Like No hire & Fire policy)...some s/w companies do some lay offs, but I still feel that S/W ppls contribute less than 20% market share in India's RE market!!!Can you post same graph for India, like 100 years RE prices graph & lets try to get some sense out of that:D:D:

Ash,

Every country thinks they are different, and we could have other issues - like builders promises falling flat, wrong permissions provided by municipalities, bad elections, fall in GDP etc but I truely believe in one thing - Real Estate - IN ANY MARKET cannot rise 2-3 times and again rise another 2-3 times in a span of 3 years...

All I am saying is, once it has risen for 2-3 times, say average rate is 3000 per sq feet, it will stay around that for years to come,maybe 3 or 5 or even 10, but 3000 CANNOT become 10000.

So, its important you PLAY out the RE cycle, and wait out for 3-5 more years so that you are approx 7-10 years away from the peak.....ie 2007.

My logic is simple, if I have 50 lacs today - I would try to make that 50 into 1 crore or 5 crores, and then maybe invest a 10-20% of that into Real Estate...

Most people - have only 10 or 20 lacs and are LEVERAGING 30-40 lacs into RE --- this way they would be only left with MATTI and PATTHAR -- for their lifetime...and paying back all of their earnings NOW and in FUTURE to banks and builders !!!!!!!

So, I would like to take a LOAN on a 50 lac kind of a house when I have 5 crores in my pocket - and then try to make that 5 into 15, and maybe then OWN a house...

For me PRIDE of OWNING a house is MUCH SMALLER -- OR EGO is much LESS -- than BEING RICH - FINANCIALLY VERY STABLE AND FREE FROM ANY TROUBLES IN FUTURE !!!!!

Till then - I dont mind renting a really lavish apartment, having 2-3 good cars+vehciles for family,holidaying many times a year,lavish marriages and festivals - I know I am maintaining my standard of living and I know I am working towards the future -- TO BE RICH...This - "MY OWN HOUSE" ya " GHAR KHARIDNA BADI BAAT HAIN" - is just a statement made to EMOTIONALLY FOOL US INDIANS